NAB misses, warns, cuts dividend

Not much fun here:

In short:

  • profits missed consensus of 3.2bn big;
  • big divi cut, deeper than expected by those few who did;
  • NIM down sharply;
  • more big remediation charges;
  • impairments up sharply;
  • arrears down for 90-day but I’m not sure overall
  • and, a dour CEO outlook.

And NAB has been the last of the major banks to tighten standards and slow lending growth so the top line will come under more pressure ahead.

Judging by yesterday’s stupid market action, it will rocket.

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the fouding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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